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Optimize Your Trading with 'close trade example.mq4' Forex EA
Enhance your trading experience with the 'close trade example.mq4' Expert Advisor (EA), a powerful Forex robot designed to streamline and automate your trading strategies. This versatile EA has been rigorously tested on brokers like LQDFX and FXOpen, ensuring compatibility with any broker of your choice. Revolutionize your trading journey with the efficiency and precision of this Forex EA, a valuable addition to your trading toolkit.
close trade example (1).mq4 2.79 kb, 25 downloads since 2015-04-20
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Don't miss out, grab the Close Trade EA with recommended winning settings!
The Close Trade EA can automatically close your open positions based on a specific condition. This EA is useful for traders who want to take profits or cut losses without constantly monitoring their trades.
How the Close Trade EA Works:
The Close Trade EA works by monitoring a technical indicator called EWO (Elliott Wave Oscillator). When EWO crosses a certain threshold (in this case, -7 or 7), the EA will take action.
If EWO is less than -5 and you have the "Open Long" option enabled, the EA will close any open BUY trades for the symbol you're trading.
If EWO is greater than 5 and you have the "Open Short" option enabled, the EA will close any open SELL trades for the symbol you're trading.
It's important to note that this EA is designed to manage existing trades, not to open new ones.
Setting Up the Close Trade EA:
You need to attach it to a chart of the currency pair you want to trade, and then configure the following parameters:
EWO (Elliott Wave Oscillator): This parameter sets the threshold value for the EWO indicator. When the EWO crosses this value (either positive or negative), the EA will trigger the closing of trades.
OpenLong: This option allows you to enable or disable the EA's ability to close BUY trades when the EWO condition is met. Example: true (to enable closing BUY trades), false (to disable closing BUY trades)
OpenShort: This option allows you to enable or disable the EA's ability to close SELL trades when the EWO condition is met. Example: true (to enable closing SELL trades), false (to disable closing SELL trades)
Slippage:
Slippage is the maximum allowable difference between the requested price and the executed price when closing a trade. This parameter helps you control the execution quality of your trades.
Example: 3 (a reasonable value for most brokers)
For a winning setting, consider using the following parameters:
EWO: For closing BUY trades: -7
For closing SELL trades: 7
OpenLong: Enable (true)
OpenShort: Enable (true)
Slippage: 3
Note; the Close Trade EA does not make automated trading decisions to open new trades. It is designed solely for managing and closing existing trades based on a specific technical indicator (EWO) crossing a threshold. This EA is not meant to initiate new trading positions; its primary function is to help traders automate the process of closing trades when predetermined conditions are met.
close trade example (1).mq4 2.79 kb, 2 downloads since 2023-11-09
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